Santi denies son’s involvement in ‘overpriced’ building sale to SSO
Santi Promphat denies claims that his son sold a building to Thailand’s SSO at an inflated price, insisting the sale was legitimate and fairly valued.
Palang Pracharath Party deputy leader Santi Promphat on Thursday denied allegations that his son sold a building to the Social Security Office (SSO) at an inflated price while the party controlled the Labour Ministry and oversaw the SSO.
Santi was responding to claims made by two opposition People’s Party (PP) MPs, Rukchanok Srinork and Sahassawat Kumkong, regarding alleged irregularities in the SSO’s purchase of the SKYY9 Centre on Rama IX Road.
Allegations of Overpriced Purchase
The two MPs alleged that the SSO bought the building for 7 billion baht, despite its estimated value being only 3 billion baht. They noted that the deal was approved when Suchart Chomklin, a Palang Pracharath Party member, was serving as Labour Minister.
Furthermore, the MPs claimed that instead of purchasing just the building, the SSO acquired the company that owned it, inheriting a debt of 2 billion baht. They also suggested that the sale might be linked to the son of a Palang Pracharath minister at the time.
Santi’s Defence
Santi, however, denied that his son, Patana Promphat, or his property firm, Watergate Pavilion Co Ltd, had any involvement in the deal.
He clarified that his son had purchased the SKYY9 Centre from a previous owner and had also bought back units from smaller owners to gain full ownership. Initially, Patana planned to renovate the building, but a foreign property development firm, AGRE 101 Co Ltd, approached him with an offer to purchase it.
According to Santi, his son subsequently sold the building to AGRE 101 for over 2 billion baht, meaning he had no involvement in its later sale to the SSO for 7 billion baht.
SSO’s Purchase Price Justified
Santi argued that the SSO did not overpay for the building, as AGRE 101 had invested significantly in renovations using high-quality materials.
He added that the SSO acquired the property at a rate of 70,000 baht per square metre, whereas similar buildings in such a prime location typically sold for 100,000 baht per square metre.
Santi also denied lobbying Suchart to instruct the SSO to purchase the building, as had been indirectly suggested by the PP MPs.
